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vi Contents Chapter 7 A Model to LIONize 95 How One Pacifi c Northwest Town Engineered a Quiet Revival Chapter 8 Community Capital 105 It Takes a Village, or a Police Force, or Perhaps Some Farmers Chapter 9 Pennies from Many 125 When Social Networking Met Finance Chapter 10 Slow Money 147 Finance for Foodsheds Chapter 11 From Brown Rice to Biofuels 159 Co-ops on the Cutting Edge Chapter 12 The Do-It-Yourself Public Offering 181 The Allure of Public Venture Capital Chapter 13 Back to the Future 199 The Rebirth of the Local Stock Exchange Conclusion 221 Notes 227 Acknowledgments 243 Index 245
Preface Starting Anew It was early September 2009, the fi rst anniversary of the collapse of Lehman Brothers, which precipitated the worst economic downturn since the Great Depression. Fifteen million Americans were out of work and the economy was still shedding massive numbers of jobs each month. Millions of people owed more on their homes than they were worth and faced foreclosure. All over the country, small businesses—the engines of job creation and innovation—were starved for credit and growth capital. Yet on Wall Street things were looking up. The S&P 500 was rebounding. After a $700 billion taxpayer- funded infusion and trillions more in emergency lending and guarantee programs, the nation’s biggest banks were doing swimmingly. The top four banks emerged with an even greater share of the pie, counting 60 percent of all bank deposits between them. Goldman Sachs had recently posted the largest quarterly profi t in its 140-year history, largely fueled by proprietary trading gains in a volatile market. Bonuses were back to boom levels. Morgan Stanley set aside a whopping 62 percent of its revenue to lavish on employees. That massive disconnect between Main Street and Wall Street was starkly clear as I fl ew to Santa Fe to attend the inaugural national gathering of Slow Money, a Slow Food– meets- fi nance organization whose goal is to “bring money back down to earth.” Hundreds of social investors, entrepreneurs, farmers, and citizens had assembled to see if we couldn’t somehow begin to create new models for investing in local, small- scale food and agriculture enterprises—the kinds of enterprises that create things of value and help build healthy communities. vii
Page 3 and 4: Locavesting THE REVOLUTION IN LOCAL
Page 5: For my Mother
Page 10 and 11: viii Preface The moment was ripe wi
Page 12 and 13: x Preface Cooperatives—businesses
Page 14 and 15: xii Preface Chapters 7 through 13 e
Page 17 and 18: Introduction Cereal Milk for the Go
Page 19 and 20: iconic glass bottles are also sold
Page 21: Introduction xix funds from the pub
Page 25 and 26: 1 C H A P T E R Motherhood, Apple P
Page 27 and 28: Motherhood, Apple Pie, and Politica
Page 39: Motherhood, Apple Pie, and Politica
Page 42 and 43: 20 Locavesting freewheeling markets
Page 44 and 45: 22 Locavesting A fl urry of legisla
Page 46 and 47: 24 Locavesting put up a sign at a f
Page 48 and 49: 26 Locavesting of the late 1980s) h
Page 50 and 51: 28 Locavesting three of those banks
Page 52 and 53: 30 Locavesting A Return to Value As
Page 54 and 55: 32 Locavesting produced in their re
Page 56 and 57: 34 Locavesting pickles to gin and k
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36 Locavesting is a hot marketplace
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38 Locavesting recognition that the
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40 Locavesting A Grassroots Movemen
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42 Locavesting to dodge their fair
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44 Locavesting Americans know most
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46 Locavesting It’s a powerful qu
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48 Locavesting three employees but
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50 Locavesting to keep in our lives
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52 Locavesting and they can draw on
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54 Locavesting Since 2006, Walmart
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56 Locavesting and political organi
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58 Locavesting havens. Google, the
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60 Locavesting Some of the measures
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II P A R T Experiments in Citizen F
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66 Locavesting As an editorial in V
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68 Locavesting The community bank b
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70 Locavesting their homes to forec
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72 Locavesting And you don’t have
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74 Locavesting As depositors, we’
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76 Locavesting The Washington Inves
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78 Locavesting The Bottom Line: A n
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80 Locavesting her daughter was enr
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82 Locavesting whom traditional fi
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84 Locavesting Taking the Middle Pa
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86 Locavesting Angel investors poli
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88 Locavesting quickly write off no
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90 Locavesting of $1,000. The notes
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92 Locavesting funds that absorb an
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94 Locavesting • Many CDFIs do no
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96 Locavesting In a twist of fate,
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98 Locavesting private electric com
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100 Locavesting “The numbers were
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102 Locavesting offering. “In a c
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8 C H A P T E R Community Capital I
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Community Capital 107 For all the j
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Community Capital 109 So it is espe
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Community Capital 111 what she did
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Community Capital 113 three young e
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Community Capital 115 triples every
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Community Capital 117 investment is
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Community Capital 119 Farmers Diner
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Community Capital 121 That’s wher
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Game Plan for Locavestors Community
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9 C H A P T E R Pennies from Many W
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Crowdfunding Pennies from Many 127
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Pennies from Many 129 a 27- year- o
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Pennies from Many 131 It’s a win-
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Pennies from Many 133 the company w
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Pennies from Many 135 there’s a g
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Pennies from Many 137 loans. 9 With
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Pennies from Many 139 UK regulators
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Pennies from Many 141 to make the m
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Pennies from Many 143 business—co
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Pennies from Many 145 “Crowdfundi
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10 C H A P T E R Slow Money Finance
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Slow Money 149 like the nearly 8,00
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Slow Money 151 Slow Money, however,
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Slow Money 153 terms that are destr
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Slow Money 155 that overrode that i
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Slow Money 157 Zentay put together
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11 C H A P T E R From Brown Rice to
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From Brown Rice to Biofuels 161 rep
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From Brown Rice to Biofuels 163 Mem
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From Brown Rice to Biofuels 165 $75
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From Brown Rice to Biofuels 167 Wes
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From Brown Rice to Biofuels 169 Inv
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From Brown Rice to Biofuels 171 One
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From Brown Rice to Biofuels 173 tha
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From Brown Rice to Biofuels 175 are
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From Brown Rice to Biofuels 177 rai
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Game Plan for Locavestors From Brow
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12 C H A P T E R The Do- It- Yourse
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The Do- It- Yourself Public Offerin
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• • The Do- It- Yourself Public
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200 Locavesting The exchanges were
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202 Locavesting time, they became m
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204 Locavesting Scott Gehsmann, cap
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206 Locavesting public, while ventu
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208 Locavesting at least $490,000 t
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210 Locavesting been there, he says
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212 Locavesting Schmid would love t
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214 Locavesting their money in some
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216 Locavesting are looking to crea
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218 Locavesting Van Patten, a triat
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220 Locavesting Game Plan for Locav
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222 Conclusion small investments. T
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224 Conclusion investors. “Normal
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Unless otherwise noted, all quotes
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25. John K. Paglia, “2011 Economi
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16. Binyamin Appelbaum, “Investor
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Notes 233 9. Sima J. Gandhi, “Eli
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Notes 235 3. Gary S. Corner and Raj
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2. online.wsj.com/article/SB1200623
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4. Steven Deller, Ann Hoyt, Brent H
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Notes 241 11. Ibid. 12. NYSE Eurone
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244 Acknowledgments Dan Keeler, and
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246 Index CDFI. See Community Devel
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248 Index H Hamilton, John, 84-86 H
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250 Index Newman, Paul, 150 Niman R
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252 Index taxes, on Internet sales,
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